While housing
prices have stabilized, the quantity of one-family homes sold throughout the
U.S. continues to fall to levels unseen in decades. Though prices continue to rebound, the median cost of a
single-family home is still at its lowest in 8 years ($227,000). The drop in price, however, has not
motivated Americans to buy homes.
The Department of Housing and Urban Development’s estimates the sales of
new single-family houses at a seasonally adjusted annual rate of 372,000. Though up 25% from July of last year,
housing sales haven’t been this low since before the Census began tracking the
figure in the 1963. Sales fell 76%
from 2006 to 2011, and have yet to show significant periods of recovery. With a record low number of houses starting construction this year, and an unemployment rate still above 8%, the
recession’s lingering consequences still hinder a sales rebound. With that said, prices have fallen three straight months; will
relatively low prices incite a rebound in the housing market?
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